Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.

Aged Care Royal CommissionSetting the tone for the Aged Care Royal Commission

Last week’s hearings for the Royal Commission into Aged Care Quality and Safety, introduced the leaders of some of Australia’s peak bodies, unions, consumer organisations and the Secretary to the Department, Glenys Beauchamp. In all 26 witnesses were called.

The 2019 Biotechnology Industry Position survey conducted by Ausbiotech and supported by Grant Thornton has revealed that new technologies across regenerative medicine and medicinal cannabis are disrupting the industry, and Australia's global strength in clinical trials continues to drive contributions to the economic and social fabric of the country.

mid-sized business reportManufacturing is critical to our economy – how can we support the sector?

Although the knock-on effects of the Australian automotive industry exiting our country are yet to be fully understood, the industry is evolving, and manufacturing continues to be a major employer and critical to our overall economy.

There is a lot of noise around the property sector at the moment – and it’s not all positive. Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.

Biotech industry is buoyant and booming

This is the eighth Biotechnology Industry Position Survey conducted by AusBiotech and supported by Grant Thornton. The 2018 Survey reveals the strongest ever business sentiment across the sector.

The number who described the environment as conducive to growing a biotechnology company has almost returned to 2016 levels after a fall last year in response to uncertainty over the future of the R&D Tax Incentive.

The return of more positive sentiment towards the environment also comes as the recent announcement in the 2018-19 Budget of changes to the R&D Tax Incentive exempted investment in clinical trials from the new $4 million annual cap on the refundable component.

77% of respondents described the past twelve months as an ‘excellent’ or ‘good’ year, up from 72 percent in the 2017 survey.

Almost 90 percent of respondents said they expect to grow in 2018.

Sky Business News interview on 2018 Biotechnology Industry Position Survey

Watch Michael Cunningham, National Head of Life Sciences for Grant Thornton and AusBiotech CEO Lorraine Chiroiu talk on Sky Business News about the opportunities and challenges facing Australia’s Biotech industry.

“Businesses in Australia’s life sciences sector are optimistic about their future growth, and rightly so. The Government recognition of clinical trials when altering the R&D tax exemption is a testament to the advocacy of AusBiotech and how the industry is being increasingly recognised for its contribution to the economy.”